Noise-immune cavity-enhanced optical frequency comb spectroscopy (NICE-OFCS) is a recently developed technique that utilizes phase modulation to obtain immunity to frequency-to-amplitude noise conversion by the cavity modes and yields high absorption sensitivity over a broad spectral range. We describe the principles of the technique and discuss possible comb-cavity matching solutions. We present a theoretical description of NICE-OFCS signals detected with a Fourier transform spectrometer (FTS) and validate the model by comparing it to experimental CO 2 spectra around 1,575 nm. Our system is based on an Er:fiber femtosecond laser locked to a cavity and phase-modulated at a frequency equal to a multiple of the cavity free spectral range (FSR). The NICE-OFCS signal is detected by a fast-scanning FTS equipped with a high-bandwidth commercial detector. We demonstrate a simple method of passive locking of the modulation frequency to the cavity FSR that significantly improves the long-term stability of the system, allowing averaging times on the order of minutes. Using a cavity with a finesse of ~9,000, we obtain absorption sensitivity of 6.4 × 10 −11 cm −1 Hz −1∕2 per spectral element and concentration detection limit for CO 2 of 450 ppb Hz −1/2 , determined by multiline fitting.